Michigan Laws 492.129 – Installment sale contract; receipt, contents; payment by mail
Current as of: 2023 | Check for updates
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(a) Whenever payment is made on account of any installment sale contract, the person receiving such payment shall, at the time of receiving such payment, furnish to the buyer or to the person making the payment on behalf of the buyer, a complete written receipt therefor, if requested. A receipt must be given if payment is made in cash.
(b) Such receipt shall show the date of payment, the amount of the payment, and shall identify the obligation to which such payment is applicable.
Terms Used In Michigan Laws 492.129
- buyer: means a person that buys, hires, or leases a motor vehicle for personal, family, or household use, and not for commercial, business, or agricultural use, under an installment sale contract or a legal successor in interest to that person. See Michigan Laws 492.102
- Holder: means a seller or other person that is currently entitled to the rights of a seller under an installment sale contract. See Michigan Laws 492.102
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: means an individual, partnership, association, corporation, limited liability company, governmental entity, or any other legal entity. See Michigan Laws 492.102
- Time balance: means the sum of the principal amount financed and the finance charge. See Michigan Laws 492.102
(c) When issued for payments made at any office of the holder or mailed to such office, which payments are applied to reduction of the time balance, such receipt shall, if requested by the buyer, also set forth the unpaid time balance remaining due after crediting such payment. If such payment includes default charges authorized by this act, the amount of such default charges shall be set forth on the receipt independently of the payment applied to reduction of the time balance.
(d) When the buyer elects to make such payments by mail, the holder may require the buyer to supply a self-addressed stamped envelope as a condition for mailing such receipt to him, if he has been previously notified of such condition.